How long does it take a big FTSE 100 company to recruit a new chairman?
We assumed Glencore Xstrata was merely cutting itself some slack when it said the process might take a year. But, no, 10 months later Tony Hayward is still filling the post on an "interim" basis and a permanent chairman is only expected "by May".
Still, the gig ought to be attractive. Glencore's traders are proving they can increase profits whatever the weather, and top-line operating profits from the mines fell only 4% in 2013, not bad when commodity prices were generally lower. Somebody, surely, must fancy the chance to join Ivan Glasenberg, billionaire chief executive, in the boardroom in faraway Zug.
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